Meiji Yasuda Asset Management Co Ltd. raised its stake in NetApp, Inc. (NASDAQ:NTAP) by 28.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,168 shares of the data storage provider’s stock after purchasing an additional 2,900 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in NetApp were worth $576,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of NTAP. Systematic Financial Management LP increased its position in shares of NetApp by 8.7% during the 3rd quarter. Systematic Financial Management LP now owns 701,262 shares of the data storage provider’s stock worth $30,687,000 after purchasing an additional 55,941 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of NetApp by 188.7% during the 3rd quarter. Macquarie Group Ltd. now owns 17,900 shares of the data storage provider’s stock worth $784,000 after purchasing an additional 11,700 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of NetApp by 34.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 410,708 shares of the data storage provider’s stock worth $17,973,000 after purchasing an additional 104,321 shares in the last quarter. SG Americas Securities LLC increased its position in shares of NetApp by 24.0% during the 3rd quarter. SG Americas Securities LLC now owns 263,718 shares of the data storage provider’s stock worth $11,540,000 after purchasing an additional 50,993 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of NetApp by 6.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 20,440 shares of the data storage provider’s stock worth $894,000 after purchasing an additional 1,264 shares in the last quarter. 97.27% of the stock is owned by hedge funds and other institutional investors.
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Several research firms have weighed in on NTAP. Barclays PLC restated an “overweight” rating and issued a $56.00 price objective (up previously from $52.00) on shares of NetApp in a research report on Thursday, November 16th. Credit Suisse Group raised their price objective on shares of NetApp from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, August 9th. Longbow Research upgraded shares of NetApp from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, August 15th. Piper Jaffray Companies restated an “overweight” rating and issued a $60.00 price objective on shares of NetApp in a research report on Thursday, November 16th. Finally, BidaskClub cut shares of NetApp from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $49.04.
NetApp, Inc. (NTAP) opened at $56.05 on Friday. The company has a quick ratio of 1.64, a current ratio of 1.67 and a debt-to-equity ratio of 0.55. NetApp, Inc. has a one year low of $34.72 and a one year high of $56.10. The firm has a market cap of $15,119.91, a P/E ratio of 21.07, a price-to-earnings-growth ratio of 1.81 and a beta of 1.16.
NetApp (NASDAQ:NTAP) last announced its quarterly earnings results on Wednesday, November 15th. The data storage provider reported $0.81 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.12. NetApp had a net margin of 11.49% and a return on equity of 26.77%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the firm posted $0.60 earnings per share. The business’s revenue was up 6.1% on a year-over-year basis. equities research analysts expect that NetApp, Inc. will post 2.72 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Stockholders of record on Friday, January 5th will be issued a $0.20 dividend. The ex-dividend date is Thursday, January 4th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.43%. NetApp’s dividend payout ratio (DPR) is presently 34.33%.
In related news, Director Richard P. Wallace sold 34,000 shares of the business’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $43.53, for a total transaction of $1,480,020.00. Following the transaction, the director now directly owns 24,132 shares in the company, valued at $1,050,465.96. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO George Kurian sold 75,000 shares of the business’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $52.50, for a total transaction of $3,937,500.00. The disclosure for this sale can be found here. Insiders sold 189,630 shares of company stock worth $9,379,249 over the last quarter. 0.47% of the stock is owned by corporate insiders.
NetApp Company Profile
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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